Tuesday, September 22, 2015

Addressing the Dublin Chamber of Commerce

This morning I spoke to a breakfast meeting of Dublin Chamber of Commerce and set out some
of the party’s plans for business and the economy and Sinn Fein's vision for Dublin. Below is the text of my remarks to the Chamber.

Of course Dublin is arguably best known as the
location of the greatest works of James Joyce, including Ulysses, which is set
in the city.

Reputedly one of Europe's most youthful cities,
with an estimate of 50% of citizens being younger than 25, Dublin is also the
centre of the political media and communications activity on the state.

The Dublin region has always been the economic
centre of the state and is now home to large numbers of global pharmaceutical,
information and communications technology companies, with many having their
European headquarters or operational bases in the city.

Dublin's challenges

Like many large, capital cities across the world,
Dublin faces particular infrastructural and environmental challenges.

A lack of strategic integrated planning – a
multi-agency approach - has been a feature of the city's growth over the
decades. This has created many problems for those who live, work and visit
Dublin.

The city is choked by traffic gridlock, and a big
issue for Dublin businesses is the lack of an integrated public transport
system, despite the investments of recent years.

Workers living on one side of the city, or from
neighbouring counties (like Louth) must have a car in order to travel to work.

Years of underinvestment in water infrastructure
threatens future supplies with serious implications for businesses and
householders.

I know that Dublin Chambers is specifically
focussed on Dublin’s water supply for the longer term.

Householders and businesses in Dublin face the
prospect of water rationing unless the supply crisis is tackled.

Dublin's population is expected to rise from the
current 1.5 million, to 2.15 million by 2050. Water demand in Dublin and
outlying regions is expected to grow by that time.

The existing water infrastructure - much of it
built more than 100 years ago - is not capable of delivering extra capacity.

Sinn Féin is very conscious of this crisis and we
understand the need to invest and expand our water services and believe this
can and should be done under the control and direction of a democratically
accountable body.

Dublin also faces challenges if it is to become an
inclusive and equal city. There is much social deprivation, poverty and
problems associated with drug addiction and crime.

There is a chronic lack of social housing and
recent years have witnessed huge increases of people sleeping rough with some
dying as consequence. This cannot continue.

Like many European cities Dublin now faces the
challenge of accommodating and integrating people from all parts of the globe
in a way which enhances and enriches the city's cultural mix.

All of this points to the urgent need for
Government to work more strategically with the 4 local authorities to ensure
the capital city’s infrastructure is fit for the 21st century.

We cannot attract new businesses into the city if
their employees face astronomical crèche fees and cannot find a home.

Over the coming months Sinn Féin will publish
detailed policies to tackle these challenges for the longer term.

Sinn Féin - a pro-enterprise party

As a republican party, Sinn Féin puts the welfare
of citizens – the rights of citizens - first and foremost in all our
considerations.

To achieve this and to develop the type of fair,
just and prosperous society which Sinn Féin advocates, we need a strong
economy.

We believe that such an economy, including a
thriving enterprise sector, is essential to sustain decent, accessible public
services and to protect vulnerable citizens.

For that reason, Sinn Féin is a pro-enterprise
party.

We know that businesses across this state have
faced unprecedented challenges over the last seven years.

Those that have survived have had to make tough
decisions to keep their doors open.

Despite the trauma of the great recession and the
significant problems that remain, new businesses are emerging and some who
weathered the storm are expanding.

The Government has been the first to claim credit as
the macroeconomic figures have slowly improved. All new job creation has been
claimed by Fine Gael and Labour as being a result of Government policies.

Ach
tá an fhírinne searbh éagsúil.

Irish businesses are resilient and have understood
the need to adapt and reinvent.

As the political party with perhaps the best record
on international engagement, Sinn Féin experiences first-hand the high regard
for Ireland as a place for investment.

We do not see FDI as an either/or choice.

We see it as part and parcel of the island’s
enterprise landscape.

In fact we believe we are much more ambitious than
the Government for what can be achieved through FDI.

We believe more work needs to be done to increase
links between Irish indigenous business and FDI.

In my view these companies are open to exploring
how this can be achieved.

Dublin-Belfast economic corridor

There is now widespread support across the
political and economic spectrum for an integrated, economic structure for the
island of Ireland.

All those who share the island can only benefit
from the creation of a vibrant, dynamic all-Ireland economy.

Every firm operating in an all-Ireland economy
would immediately see an increase in its potential home market.

Of course, no-one believes that this would be
sufficient to resolve all the economic problems of all regions.

However Dublin, in particular, stands to benefit
from further development of the Dublin-Belfast economic corridor.

This has the potential to bring enormous social and
economic benefits to both cities and to all areas in between.

Sinn Féin wants to see the removal of barriers to
promote intercity travel between Belfast and Dublin by tourists and
non-tourists alike.

Crucially we need improved telecommunications
services and removal of the virtual barrier caused by connectivity issues at
the border.

There should be no “roaming” charges for phone
users across the island of Ireland and issues regarding loss of coverage at the
border should be urgently addressed.

Utilising NAMA

Ach
cinnte tá fadhbanna eile ann roimh mhuintir Bhaile Átha Cliath.

A shortage of office space is a real problem,
particularly in the city centre.

Sinn Féin has called for a renewed emphasis on the
use of NAMA development funds here in Ireland.

In the past, NAMA’s development funding has been
skewed away from Ireland, which is wrong.

This is despite the fact that the large bulk of
NAMA loans are Irish.

This imbalance must be addressed in the time ahead.

NAMA's current funding activities are focused on
shortages in the Dublin office and residential sectors.

NAMA initiated a 3-year plan in 2014 for 4,500 new
residential properties in the Dublin area and the delivery of key Grade A
office, retail and residential space in the Dublin Docklands Strategic
Development Zone (SDZ) and wider central business district.

NAMA has indicated that, if required, it could
advance a further €3 billion over the remainder of its life to support the
delivery of Grade A office space and residential development in Dublin and in
key urban centres in which debtor and receiver properties are located.

While this funding is dependent on planning, cost
evaluations and demand, we believe it can be used as stimulus for the
construction sector at a time when there is a need for both housing and
commercial property in Dublin and across the state.

Tax breaks/development levies

There is no single solution to the shortage of
office space in Dublin.

Even those economists who
advocate for tax breaks accept they have not always worked.

Dublin Chambers has called for a 2-year waiver on
development levies to address the shortage of offices, housing and hotel space.

This is a big ask and if pursued needs to be
accurately quantified.

If the predicted additional revenues were realised,
Dublin’s local authorities would still need to provide for the lost revenue
during the waiver period.

There are many lessons to be learned from the
macroeconomic mistakes made since 2001.

In that time hard won gains in employment, living
standards and infrastructure were squandered.

All mechanisms to address critical infrastructural
deficits that hinder growth and employment must be on the table.

But so too must be the cost/benefit checks and
balances to ensure history doesn’t repeat itself.

Public Procurement

Sinn Féin wants to maximise the value of public
procurement which amounts to about €12 billion annually in goods, services and
capital projects.

I note that Chambers Ireland has described a
continued sense of frustration amongst SMEs at the Government’s focus on the
lowest tender price above wider social and economic benefits.

Sinn Féin has argued that public procurement acts
as a critical stimulus for the domestic economy.

It is an important driver for recovery both in
terms of employment and employment standards across the economy.

Sinn Féin's has set out a number of recommendations
to increase the participation in public procurement tendering of SMEs, particularly
micro and small businesses.

We also note the new EU Directive on Public
Procurement provides SMEs and their representatives with an opportunity to make
a increased demand of Government.

Budget 2016

As Budget 2016 approaches, Sinn Féin is in the process
of finalising our alternative Budget proposals. This is due to be launched in
the next two weeks.

Sinn Féin's budgets are costed in full by the
Departments of Finance and Public Expenditure and have withstood public
scrutiny by senior economists.

Of course budgets are not just about balancing the
books.

They also offer an opportunity for the opposition
to set out our alternatives to the Government’s policy agenda.

Sinn Féin's budget submission for 2016 will include
measures to support and encourage business and entrepreneurship.

Dublin Chambers has set a very clear policy agenda
in relation to Budget 2016.

You have also set out more long term proposals.

These include tripling of investment in Dublin’s
infrastructure and a new water supply for the Eastern and Midlands region.

These are ambitious goals and Sinn Féin looks
forward to a continued engagement with Chambers on how these can be best
addressed.

Dublin Chambers has specific demands regarding
taxation.

While our methods may differ we share an objective
in making a taxation system that is fair.

We have long called for a more progressive approach
to commercial rates and have committed to pursue this matter in government.

As with all taxation measures, new taxation
expenditure must be found elsewhere.

That is why the costing element of any taxation or
expenditure proposals is so central to budget preparations.

Sinn Féin’s first response to the emerging
recession in 2008 was to publish a detailed job retention and creation
document.

We have retained a focus on jobs since, through
numerous policy papers and our work in the political institutions.

We support the proposition that business is a
critical component in the economic and societal landscape.

As a political party we must address all of these
components.

As republicans we do so in a manner that is fair to
all – businesses and citizens alike.

The massive shortfalls in investment and the
failure of political leadership by successive of governments are causing
fundamental fissures in our society and economy.

Businesses and citizens alike will pay an
extraordinary cost if we do not plan for the medium and long term, particularly
in the policy areas of housing, childcare and health.

If you ask our best and brightest why they are
still emigrating, they will cite poor pay, lack of career progression
opportunities, poor access to housing and childcare costs.

Sinn Féin's understands that we must support
enterprise to ensure work pays, businesses can grow and new entrepreneurs can
flourish.

This will require investment to address serious
infrastructural deficits.

These are just some of the challenges we face in
developing a programme that achieves our objective of delivering a fair
recovery.

Sinn Féin is ambitious for Ireland, we are proud of
our workforce and we understand that we do our business in a fast paced,
globalised world.

There are numerous policy areas on which we must
enhance our shared discussion.

These include Transport, Dublin’s water supply and
how we can boost indigenous e-commerce trade to stem the excessive leakage of
sales outside the state.

We won’t always agree on everything.

As a progressive political party Sinn Féin has a
duty to consider all sections of society and the economy.

We passionately believe that inequality is bad for
society, bad for the economy and bad for business.

We want to deliver the best and fairest result for
all.

If I am to impart one key message from today’s
event, it is that we in Sinn Féin are pro-business, just as we are pro-citizen
and pro-fair play.

Sinn Féin accepts the need to work harder to build
our relationship with enterprise and those who represent you.

We won’t be able to do all that you ask of us, but
we assure you that our door is always open and we will work with you to deliver
the fairest outcome. Go raibh maith agaibh.